Itron Q1 revenue falls 9% to $475M; GAAP EPS $0.02 vs $0.30; backlog up to $3.9B

ITRON, INC.

2022-Q1 EPS reported $0.02 revenue$475,331,000

Revenue $475M, down 9% YoY; gross margin 28.4%, down 380 bps due to component costs and shortages.
GAAP net income $1M ($0.02 EPS) vs $13M ($0.30) in Q1 2021; non-GAAP EPS $0.11 vs $0.52.
Adjusted EBITDA $19M vs $50M; free cash flow $2M vs $39M, driven by higher variable compensation.
Total backlog $3.9B (+15% YoY); 12-month backlog $1.6B; Q1 bookings $417M.
Device Solutions revenue -19%; Networked Solutions and Outcomes each -3% due to component constraints.

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